Knowledge Management provides an innovative way to minimize the gap between the end-user and the knowledge source, thereby, accelerating human actions by providing them access to the best practices, valuable tools and lessons learned from others. This works focuses on the recent scenario, activities and key barriers involved in knowledge management. It explains the goal, driving forces, types of strategies, and tools used for knowledge management in corporate sector. It has been tried to find how knowledge management links to library and information professionals, the missing opportunity for librarians and the important role library and information professional can play in knowledge management. IT companies are more concern towards effective knowledge management due to their justified reasons. Knowledge management practices are completely based on information and communication technology therefore; this works suggests that the Library and Information professionals have to redefine their roles to survive in this IT dominated environment to be competent to work as knowledge professionals.